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QuickBooks 2012 Wizard helps with new filing requirements self printing and filing 1099-MISC

Article ID: 1002598
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Overview

If you have paid contractors in the past year and use QuickBooks 2012, the new 1099 Wizard will make filing your 1099-MISC forms easier and less time-consuming.

Assumptions

You are using Quickbooks 2012 and have paid 1099 contractors or vendors in Tax Year 2011

Expected Outcome

Using Quickbooks 2012 you will be able to prepare, review, and file all the required copies of your 1099-MISC forms as well as your form 1096 for the IRS in a few simple steps.

Details

Steps 1 and 2: Select and verify your 1099 vendors. Review the list of vendors you?ve selected to receive 1099 forms. On the next screen you will be able to modify the vendor details.




Step 3: Map your accounts. Choose which expense accounts (only expense accounts may be selected) to report on the forms.





Steps 4 and 5: Review vendor payments and confirm entries. Select which transactions to include or exclude, keeping in mind the IRS requirements for payment types to be excluded from the 1099 MISC beginning with tax year 2011.

  • Beginning with tax year 2011, the IRS requires you to exclude certain payment types you made to a 1099 vendor on Form 1099-MISC that will be included on third party payment processors such as credit card companies, PayPal etc. on forms 1099-K.
    NOTE: 1099-K is only filed by the third party payment processors. Business owners do not file this form.





Step 6: Choose a filing method: print or e-file.




With the print option, you can easily print your 1099s and 1096 on pre-printed forms and file by mail. If you need pre-printed forms, you can purchase them directly from Intuit.

Another option is e-file. The Intuit 1099 e-file service allows you to file electronically with the IRS and print form copies on plain paper, if desired (additional fees apply). The e-file service is available for QuickBooks 2011 and 2012 users between January 1, 2012, and April 2, 2012. Learn more about the Intuit 1099 e-file service.

FAQ: What is a 1099-K Form?

A form that is now required for third party payment processing companies, credit card processors, PayPal, etc. to report payments that have been processed to vendors and contractors.

More Information:  For more information on the new IRS changes and Intuit solutions, click here.

How do I get the latest release so I can use the Wizard?

Just click here QuickBooks 2012 R5 Release and download.

I don't have QuickBooks 2012, how do I purchase or upgrade?

Purchase QuickBooks Pro 2012 here
Purchase QuickBooks Premier 2012 here

Related Articles

Exclude nonreportable payments from Form 1099-MISC for Quickbooks 2009-2011 users.

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